People changing jobs are reporting smaller raises, and manufacturing firms are slowing the pace of hiring, ADP reported Wednesday.
Though private employers continued to hire at a resilient pace last month, early signs indicate the Federal Reserve's economic tightening campaign has started to hit some industries and slow the pace of wage growth, payroll processor ADP reported Wednesday—but it's still unclear whether the damage is enough to help the Fed pivot from its aggressive policy....
In a statement, ADP chief economist Nela Richardson said that although the figure shows the labor market remains"really strong," hiring was not broad-based, with manufacturing firms, which are heavily sensitive to interest rates, losing 20,000 jobs last month, for example. Other job-losing sectors included financials and information services , while the leisure and hospitality space added roughly 210,000 new jobs.
Meanwhile, job changers are commanding smaller pay gains, Richardson noted, with annual pay growth among them falling to 15.2% from 15.7% in September.The Labor Department’s monthly jobs report, which tracks employment across the public and private sectors, is slated for release Friday morning. Economists forecast the U.S. added 205,000 jobs last month, down from 263,000 in September.
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